When considering these figures, you should bear in mind that CVAs reached a 20-year low in Q4 2018. Therefore, a comparatively small rise in overall numbers (47 in total) skews the statistics somewhat. The current rate correlates with the prevailing trend of figures recorded going back to Q1 2015. The CVA has become a more popular form of insolvency of late for the retail sector.

Which industries have seen the highest rates of insolvencies?

As you might have inferred from recent headlines, the industries that have been worst affected by insolvencies during Q1 2018 have been construction, retail and (to a lesser extent) vehicle repair.

In the construction industry, output has slowed to just 0.1% (The Guardian). Carillion was the largest construction company to fall. However, this also appears to have pushed suppliers and other associated businesses towards insolvency.

The retail sector saw a host of household names enter statutory insolvency procedures. This included Toys R Us and electronics retailer Maplin.

However, in better news for business-owners, a host of companies have looked to restructure, and many have been successful. This trend was most prevalent in the casual dining sector.

With insolvency rates on the rise, it pays to keep a close eye on the market and develop a contingency plan in case trade winds aren't favourable. If you are in an 'at-risk' sector or have concerns about your company specifically, read our Worried Directors Guide.

Just a quick note to say a big thank you to all the staff at KSA, our CVA was passed today by creditors voting in an overwhelming number including HMRC to accept the proposal as prepared by KSA.

The road to reach today’s conclusion has been bumpy, but at each stage your team has supported and guided us through the issues and we have reached a very satisfactory outcome to the benefit of customers, staff, all creditors and shareholders.